The best mortgage brokers in Wollongong

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A good mortgage broker could be the key to your success, whether your goal is to buy, invest, refinance or review. Photo: File.

For most of us, buying a property is one of the largest purchase decisions made in a lifetime. Whether you are entering, climbing or scaling down the property ladder, everyone is likely to have one thing in common; the need to finance a portion of their transaction with a loan.

Home loans are complex. With an almost infinite number of options out there, researching the mortgage market is more complicated now then ever. With everyone from multinationals to credit unions offering mortgage products, finding the right provider can be overwhelming.

As banks continue to diminish in-person service offerings, many borrowers seek alternate pathways to a mortgage solution, and mortgage brokers are consistently in the most popular category.

Unlike their counterparts, mortgage brokers work for their clients, which means they make mortgage recommendations based on client needs rather than bank or shareholder interest. From loan health checks to expanding a property portfolio, brokers are also a key component of their client’s professional’s services suite in the long run.

To help you find a great broker, we’ve provided some helpful hints below.

What makes a great mortgage broker?

Great mortgage brokers are loan sourcing experts. They mastermind competitive options on your terms and provide valuable insight into the subtle differences across lender credit policies. They make the finance process smoother and more affordable in the long run. Here are some aspects to consider while evaluating your mortgage broker:

  • Highly qualified. The best mortgage brokers are equipped with the right credentials. At the very minimum your broker should hold a certificate IV or diploma in Finance and Mortgage Broking. Most important is a broker’s reputation, past client experiences and public reviews. Look for satisfied clients, servicing consistency, and referrals and recommendations from family, colleagues, or friends.
  • Transparent. Most brokers earn their income via commissions paid by the bank or lender, not the borrower. Since commission rates vary across lenders, some brokers could favour a provider with an offering outside of the borrower’s best interests. The best brokers offer full transparency, so be sure to enquire how your broker is paid.
  • Large footprint. In such a complex industry, the depth and breadth of a brokerage matters. This advantage comes from strength in numbers; a greater employee headcount often yields greater talent diversity, boarder market exposure and intel on lenders’ interest rates and discount policies. By transacting high volumes with a diverse panel of lenders, larger firms may unlock additional opportunities for borrowers through lender priority service channels. Should complex lending circumstances require workshopping, these firms can leverage varied levels of team experience and expertise.
  • Independent and local. While professional connections are important, some run deeper than affiliation. It may come as a surprise to know that some firms are wholly or partially owned by real estate agencies. Brokers closely aligned or working with real estate agencies can potentially present conflicts of interest that jeopardise confidentiality, skew recommendations, or limit borrowing options. It’s also worth considering a broker from your local area. With such a complex process ahead, the ability to meet and discuss your options face-to-face can be a huge benefit to your undestanding.
  • Industry links. The most reputable mortgage brokers are affiliated with Australia’s leading industry bodies. Check for memberships with the Mortgage and Finance Association of Australia (MFAA) or the Finance Broker Association of Australia (FBAA).

The best mortgage brokers in Wollongong

Region Illawarra’s editorial team has compiled a comprehensive list of the most recommended businesses according to you.

To be listed in our Best in Wollongong series, each business needs to have maintained a minimum average of 4/5 stars on Google and Facebook, and have plenty of positive reviews.

Connected Finance

Operating from offices in Wollongong, Wanoona and Shellharbour, Connected Finance's top rankings with Australia's top lenders helps them secure the best borrowing power possible.

Staff describe themselves as strategic problem solvers, figuring out the path that gets clients home safely, securely and conveniently. They are highly skilled in home loans, refinancing and investment.

Connected Finance has a great reputation for creating a seamless experience, from first enquiry to final figures, and onward into long-term care.

Birdie Wealth

With an impressive five stars on both Google (200+ reviews) and Facebook (130+ reviews), the Miranda-based Birdie Wealth is known as a professional yet approachable mortgage broker.

Birdie Wealth manages the application process from start to finish, providing expert support for buyers whether they seek to buy, refinance or invest.

Whether it's their monthly giveaways or free online guides, tips and tools, genuine care and understanding connects this team with their clients.

Manson Financial Services

Manson Financial Services offers experienced financial brokerage of all kinds, whether clients are looking to buy their first home, and investment property, a new car or business upgrade.

The team fosters long term relationships with members of the community, partnering with One Co. Foundation to sponsor children living below the poverty line.

Uniquely, Manson Financial Services are also specialists in medical lending, proudly supporting the important work of local health professionals in many different fields.

Loan Market Wollongong

Renee Robins is your Loan Market broker in Wollongong.

Having spent 15+ years in the finance industry, Renee proudly works for the client, not the bank, and specialises in home, investment and construction loans. She prides herself on her refusal to cut corners.

Loan Market Wollongong has access to over 35 of Australia's best lenders and can help you understand borrowing capacity, structure and growth of finances, appropriate loan products, potential discounts, and more.

MoneyQuest Wollongong

Run by a professional trio with four decades of experience between them (Dino, Chloe and Lina), this brokerage maintains a five-star rating on Google thanks to reviews like this one from Tim J:

"Outstanding service as usual from Chloe and the team. I have been a long time customer and will continue to use their expertise for my home loan needs".

MoneyQuest Wollongong specialises in home loans and commercial, development, and asset finance for clients in Wollongong, Shellharbour, Kiama and beyond.

For helpful services related to your property purchase, check out our articles on the best real estate agents and best property managers that Wollongong has to offer.

Your experience with mortgage brokers in Wollongong

Thanks to our commenters who have provided insightful feedback. If you believe we have got it wrong, please let us know.

Have you had experience with any of the mortgage brokers listed above? If so, share your feedback in the comments below.

Frequently Asked Questions

When should I see a mortgage broker?

You should see a mortgage broker if/when you are thinking about buying, going to house inspections, applying for pre-approval, have saved up a deposit, and/or you are planning to refinance a current loan.

How much do mortgage brokers cost?

Generally speaking, mortgage brokers don't charge borrowers a fee, so cost nothing upfront. Instead, they earn money via upfront or trail commissions. You will still need to pay application or establishment fees charged by the lender.

Can a mortgage broker get me a bigger loan?

A mortgage broker may be able to help you get a bigger loan, as they can operate a wider search and leverage relationships with lenders for your benefit.

How should I prepare to see a mortgage broker?

Before you see a mortgage broker, you should prepare by having a good idea of what and when you want to buy. In your first meeting, be upfront about your financial position and goals. Your mortgage broker will then develop a plan with you to secure the right offering for you.

Can I use multiple mortgage brokers?

Using multiple mortgage brokers is possible and can give you a wider range of loan options to choose from, but it might make matters more complicated, especially if both brokers are submitting applications on your behalf.

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